Cepsa postpones its IPO

Cepsa postpones its IPO


The oil company Cepsa has decided to postpone its IPO, scheduled for Thursday, to understand that the current state of the international securities markets affects its valuation, as well as the interest of investors to go to its offer of sale.

The oil company had planned to debut on the floor after the placement between qualified investors and employees of 25% of its capital through a public offering of sale (opv), whose price range gave it a valuation of between 7,010 and 8,080 million euros.

Mubadala, sole shareholder of the company since 2011, has decided to delay the offer of sale "considering that the instability suffered by the markets affects the valuation of the company," the company reported today to the National Securities Market Commission ( CNMV).

In a press release, the oil company has pointed out that the most recent international economic events have sown great uncertainty in the international capital markets and assures that Mubadala has manifested its vocation of continuity as a long-term investor in the company.

According to the same source, the presentation process to analysts and potential investors, in unfavorable market conditions, has reinforced Mubadala's conviction in the value of Cepsa, the strength of its 2030 Strategic Plan, its outstanding leadership position in the market and its growth potential.

"The most recent international economic events have sown an great uncertainty in international capital markets ", says the press release.

"In this scenario," he adds, "the appetite of international investors has significantly retreated and, therefore, their willingness to participate in IPO processes like the one Cepsa was carrying out." EFE

.



Source link